Campine Gains Ground Amid Global Antimony Shortage

Campine

Reduced Dependence on China Shields Belgian Producer as Export Controls Disrupt Market

Campine’s Antimony Trioxide Sales Surge on Global Supply Disruption

Belgium-based Campine has reported a strong rise in both sales volume and revenue for 2024, fueled by tight global antimony supply and China’s export controls. As one of the largest antimony consumers outside China, Campine benefited from its early strategy to reduce dependence on Chinese suppliers.

Sales in Campine’s specialty chemicals division, which includes antimony trioxide (ATO), flame retardant masterbatches, and recycled polymers, rose 6% year-on-year to 22,000 tonnes. The company credited this growth primarily to rising overseas demand for ATO.

Revenue and Profitability Climb Despite Raw Material Challenges

Campine’s total revenue increased by 13%, reaching €365 million ($397 million), up from €322 million in 2023. EBITDA also saw a notable jump, growing from €26.8 million to €41.7 million. This performance came amid record-high antimony prices, driven by a global concentrate shortage and China's export restrictions introduced in September 2024.

Unlike many competitors, Campine faced limited disruption. “We deliberately reduced our antimony metal purchases from China,” said CEO Wim De Vos. “We went from 80% reliance in 2017 to less than 5% in the first half of 2024.”

Strategic Diversification and Recycling Boost Market Share

This shift helped Campine secure more overseas market share in the ATO segment, traditionally dominated by Chinese supply. In addition, expanded recycling capabilities have further insulated the company from raw material risks. With an annual consumption of 10,000–12,000 tonnes, Campine stands as the world’s largest antimony user outside of China.

The company has passed increased metal costs onto consumers. However, it remains concerned about potential demand erosion in the flame retardant sector due to elevated prices.

Demand remains strong in early 2025, but sourcing raw antimony continues to be challenging. “Meeting this rising demand is complicated by the continued scarcity of supply,” Campine stated.